Lawrence Summers

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With the selection of Paul Ryan as the Republican vice-presidential candidate, it is clear both political parties agree that the central issue in the coming presidential election will be the scale and scope of government involvement in the U.S. economy. There will be disagreement over what constituted “normal” levels of spending in the past and indeed over what constitutes “spending.” But there is a widespread view in both parties that it is feasible and desirable that in the future the federal government will be no larger as a share of the overall economy than it has been historically.

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Lawrence H. Summers is the Charles W. Eliot University Professor at Harvard and former U.S. Treasury Secretary. He speaks and consults widely on economic and financial issues. Follow him on Twitter @lhsummers